Save Article

Treasury secretary says ‘absolutely’ open to making any tax law retroactive to Jan. 1

By

Kate Davidson and

Richard Rubin

Updated Sept. 12, 2017 5:19 p.m. ET

Some services companies such as accounting firms won’t get the benefit of lower tax rates Republicans are planning for other businesses, Treasury Secretary Steven Mnuchin said Tuesday.

Republicans want to cut the 35% corporate tax rate. They also want to lower rates on so-called pass-through businesses, which pay business taxes through the individual tax returns of their owners at individual tax rates, which currently reach as high as 39.6%.

...

RELATED VIDEO

Trump's Push for Tax Reform

President Trump flies to Springfield, Mo., this week after what has been a tumultuous August in the White House to begin making a push for his tax-overhaul plan and a tax cut embedded in that plan. The WSJ's Gerald F. Seib explains the complicated path ahead.